Media ININ Economy We Trust
Media In – Dubai January 17, 2018
The Federal Tax Authority has made some special amendments to the first tax period for VAT holders to be more flexible with the various sectors covered by the tax in response to the calls of a large segment of taxable entities and institutions that came into force in the UAE as of January 1.
Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said in a press release: “The extraordinary amendments to be applied to a number of works include extending the tax periods of one to three months for some work and adjusting the quarterly tax periods Was scheduled to end in its first tax period only by the end of January current or by the end of February to be merged with the second tax period, so the first period only for some of these works four months and each other five months.
He said: “The work, which was the first fiscal period of three months ending in March, there were no amendments.”
He pointed out that all business sectors can view the amendments made to the exceptional period for the first tax period by entering their accounts on the portal services online at the website eservices.tax.gov.ae.
In accordance with the decision of the Council of Ministers No. (52) for the year 2017 concerning the executive regulation of the Federal Law No. 8 of 2017 concerning value added tax, the period of the basic tax period applicable to the taxable person is three calendar months ending on the date determined by the Authority and the Authority, Shorter or longer period for a person or group of persons if the Commission finds that a non-essential tax period is necessary and useful in order to reduce the risk of tax evasion and enable the Authority to improve compliance control or collect tax revenues and reduce the administrative burden on the Commission or the compliance burden on the person or category Of people.
In accordance with the regulation, the tax return must be submitted to the Authority not later than the 28th day after the end of the relevant tax period. The taxable person shall pay the tax payable by means determined by the Authority to be received by the Authority on a date not exceeding the date specified above.
